Work to start on $25 million Las Cruces apartment complex

LAS CRUCES - Work is expected to start right away on a $25 million luxury apartment complex development in the Sonoma Ranch Golf Course Community.

CST Land Developers, LLC, announced that it closed the sale of 12.5 acres for the development. Construction of facility will begin immediately, reports CST Land Developers Managing Partner Tom Delahaye.

The HUD guaranteed permanent financing for the apartments was provided by Johnson Capital of Dallas, Texas, and the closing was held on Sept. 27. Additional funding was provided by Anthem Bank and Citizen's Bank, both of Plaquemine, La.

ICI Construction Company of Dallas has been selected to construct the new development. Entasis Design Architects, PLLC, of Concord, N.C. was awarded the contract for the two-story, 24-building "Southwest" style apartment complex.

"This new development is part of CST Land Developers' overall strategic plan to expand its future development outside of Louisiana," Delahaye said. "We have been able to very successfully master HUD financing and will continue to use this model for new ventures into the future."

The new apartments will take approximately 12 months to construct.

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"We anticipate an excellent demand for these high-quality apartments and have priced them to compete in this resort community. The rates will range from $915 to $1,260 per month," said Delahaye.